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Real Estate Assets, Net

3 Months Ended

Mar. 31, 2025

Real Estate [Abstract]

Real Estate Assets, Net

Real Estate Assets, Net

The net book values of real estate assets consisted of the following as of March 31, 2025 and December 31, 2024 (amounts in thousands):

			March 31, 2025						December 31, 2024
Occupied single-family properties			$	10,389,282					$	10,174,136
Single-family properties leased, not yet occupied			140,095						81,154
Single-family properties in turnover process			296,898						397,850
Single-family properties recently renovated or developed			103,079						226,199
Single-family properties newly acquired and under renovation			3,606						1,260
Single-family properties in operation, net			10,932,960						10,880,599
Development land			579,290						602,147
Single-family properties under development			674,672						670,137
Single-family properties and land held for sale, net			247,375						212,808
Total real estate assets, net			$	12,434,297					$	12,365,691

Depreciation expense related to single-family properties was $118.5 million and $110.3 million for the three months ended March 31, 2025 and 2024, respectively.

Our properties and land are identified for disposition primarily based on individual asset-level review, as well as submarket analysis. During the three months ended March 31, 2025 and 2024, the Company disposed of single-family properties and land for aggregate net proceeds of $142.1 million and $156.1 million, respectively, which resulted in an aggregate net gain on sale of $66.0 million and $69.8 million, respectively.

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- Definition

The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.

+ References

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